The Space Investor
Posts
🚀 Planet Goes Public

🚀 Planet Goes Public

December 10, 2021

The Space Scoop

Week Ending 12.10.2021

Happy Friday and a warm welcome to our new readers! This week we saw two new space companies hit the public markets, $250M of capital raised, operational updates from AST SpaceMobile and Astra, and numerous space SPAC company collaborations. Lets dive in!

Market Max-Q 📈

AST Provides Update on BlueWalker 3 Launch Timing

The company provided updated timing for the launch of its next satellite, BlueWalker 3. Previously evaluating whether to rebook the launch in the prior window of March 1 to April 30, $ASTS submitted a rebooking notice for a revised window targeting Summer 2022. The purpose of the delay is to provide additional time for assembly, testing and final launch preparation. "Our technology development is on track and we have made significant progress. We believe the updated launch window provides important and needed additional prep time for a successful satellite launch," said Founder, Chairman and CEO Abel Avellan. The stock finished -8.9% lower on the news.

Terran Orbital Delivers Small-Sat Into Operational Orbit for EchoStar

$TWNT, a developer and operator of small satellites and earth observation solutions, announced the successful stationing of the EchoStar's ($SATS) Global 3 small-sat into final operational orbit. The stationing trajectory included "the furthest and most rapid altitude change" ever accomplished by a nano-satellite. It also included a 1.5-degree inclination change to place the satellite at the exact altitude and inclination required for its mission. “Nano-satellites were not previously able to maneuver like this once placed in orbit,” said Marc Bell, Co-Founder and CEO. “The ability to conduct both significant altitude and inclination changes enables less expensive, faster ‘last mile’ delivery of a satellite to desired orbits for our customers. Eliminating the need for a dedicated launch insertion or reliance on space tugs reduces costs and enables a broader, more customized opportunity for ride sharing into an optimal orbit.”

Tomorrow.io Going Public via SPAC Merger

The Tomorrow Companies announced they have entered into a definitive merger agreement with Pine Technology Acquisition Corp ($PTOC) to make Tomorrow.io a public company valued at $1.2B. Tomorrow.io is the "World's Weather and Climate Security Platform," giving businesses, governments, and individuals tools to automate decision making and enable climate adaptation at scale. Their clients include: Uber Technologies ($UBER), Ford Motor Company ($F), Delta Airlines ($DAL), JetBlue Airways ($JBLU), National Grid ($NGG) and the U.S. Air Force. The deal will "fund growth and accelerate product development for forecasting capabilities and planned launch of radar-equipped satellites." Tomorrow.io expects to receive up to $420M in gross transaction proceeds, which includes a $75M PIPE by Koch Strategic Platforms, National Grid Partners, JetBlue Technology Ventures and SoftBank Energy Corp. Upon closing, the combined company will trade on the Nasdaq under ticker symbol $TMW. Shares traded +0.8% on the news.

Planet Officially Begins Trading on NYSE

In July, Planet Labs announced a definitive merger agreement with SPAC dMY Technology Group IV ($DMYQ) to go public at a $2.8B valuation. Last Friday, ~99% of shareholders approved the merger in a show of overwhelming support. The closing of the business combination completed on Tuesday evening resulting in ~$590M in gross proceeds to the post-closing company. On Wednesday, Planet rang the opening bell and officially began trading on the New York Stock Exchange under ticker symbol $PL. “We have a strong business that’s growing well and what’s been most exciting about this whole process of going public is that I think there’s increasing awareness of the data set that we’re generating from space and what impact it can have,” CFO and COO Ashley Johnson told CNBC. “We estimate that for operating capital we need about $200M over the next few years until we get to cash flow breakeven, and so that gives us a sizable war chest to really think about strategic moves,” Johnson said. She emphasized that Planet will use the remaining $300M to take advantage of “consolidation in the industry or other opportunities that may present themselves.” The stock closed +5.0% on its first day of trading to $11.35 per share.

Virgin Orbit Selects Spire for Late-Load Addition to Flight

On Thursday, $SPIR and $NGCA both announced their received approval from the FAA to include Spire's ADLER-1 satellite on Virgin Orbit’s upcoming launch, Above the Clouds. The mission is scheduled for mid-December 2021 to mid-January 2022 and Spire will be the third customer. The satellite was integrated at Virgin's Long Beach facility in only 36 hours. ADLER-1 is a 30x10x10 cm satellite that will "study the micro space debris environment in Low Earth Orbit to complement the space debris models by obtaining in-situ data." Virgin Orbit CEO Dan Hart noted "This is a great example of the flexibility of LauncherOne’s capabilities, the agility of both our teams, and the flexibility and support of the FAA in enabling rapid and responsive deployment of satellites to low Earth orbit.” Spire and Virgin Orbit traded -0.9% and -0.1%, respectively.

In Other News 🛰️

Ursa Major Raises $85M Series C Round

(SpaceNews)

The manufacturer of liquid engines will use the new funding will help accelerate production and begin development of next-generation engines. The round was led by BlackRock ($BLK), with participation from XN Capital, Alsop Louie, Alpha Edison, Dolby Family Ventures, KCK, Space Capital, Explorer 1 Fund, Harpoon Ventures and others.

Loft Orbital Raises $140M Financing

(CNBC)

The space-infrastructure-as-a-service startup plans to use the new capital to scale its business and double its headcount. The funding was led by BlackRock ($BLK) with participation from CEAS Investments, Foundation Capital, Uncork Capital, Ubiquity VC and more. Valuation was not disclosed.

Valley Tech Systems Awarded $94M Contract By Lockheed Martin

(PRNewswire)

The Voyager Space company's subcontract is for an advanced solid-propulsion subsystem for the NGI contract with the U.S. Missile Defense Agency. Next Generation Interceptor is a missile defense interceptor program designed to defend from intercontinental ballistic missiles.

ICEYE Raises $25M From Seraphim Space

(Satellite Evolution)

The investment in the radar satellite imaging technology company will enable significant expansion of its unique synthetic aperture radar (SAR) satellite constellation. $SSIT first invested in 2017 and has participated in every subsequent funding round.

Microsoft Announces New Partnerships for Azure Space Initiative

(Company)

Last year, $MSFT announced Azure Space, to "bring Space and the cloud together to help people and organizations achieve more on and off the planet." This week, they announced Azure Orbital, SpaceEye, Project Turing and partnerships with Airbus, iDirect, Esri, Blackshark.ai and Orbital Insight.

Quick Links 🔗

•

NASDAQ Interview with Mynaric ($MYNA) CEO

•

How This Company Is Making Spaceflight Greener With Biofuels

•

Astra ($ASTR) Announces First Cape Canaveral Launch For 2022

•

Starlink To Apply for Commercial License in India by January 31

•

Redwire ($RDW) Technology Enabling NASA Mission to Observe Black Holes and Neutron Stars

•

Momentus ($MNTS) Announces Strategic Advisory Group

•

Space Capital on Cheddar News About the Growing Problem of Space Junk

•

Spire ($SPIR) Awarded Contract Under ESA's NAVISP Element 2 Program

•

Trimble ($TRMB) New GNSS Base Station Gives Improved Satellite Tracking and Remote Operation

•

Astranis and Grupo Andesat Sign $90M Deal To Bring Satellite Internet to Peru by 2023

•

SES Drops Portion of Claim Aiding Intelsat’s ($INTEQ) Emergence from Chapter 11

•

Interview With Dylan Taylor, CEO of Voyager Space Holdings

•

Elon Musk's WSJ CEO Council Interview

•

SpaceX and Rocket Lab ($RKLB) Launch Four More BlackSky ($BKSY) Satellites

•

Rocket Lab ($RKLB) to Launch Three Dedicated Missions for Synspective

•

Interview

with Quilty Analytics' Caleb Henry

•

Lunar Outpost Selected by NASA for Lunar Vertex Mission

•

Key Takeaways from the Morgan Stanley's Space Summit

•

Ken Griffin of Citadel Buys 1.7M Shares of Rocket Lab ($RKLB) In Q3

•

Redwire ($RDW) Announces Three-Year Supplier Agreement with Terran Orbital ($TWNT)

•

hiSky Raises $30M Series A Funding, Led by ST Engineering

Opinion

•

AST SpaceMobile ($ASTS): Broadband For Wherever You Are, And For Wherever You Go

•

Iridium Communications ($IRDM): A Best Price-Positioned Stock

•

Why I'm Avoiding The ARK Space Exploration & Innovation ETF ($ARKX)

•

We Rate Planet Labs ($DMYQ) A Buy As The SPAC Merger Completion Looms

•

Virgin Galactic ($SPCE): Market Vastly Underestimating Market Potential

•

These Companies Are Leading the Charge in Satellite Internet

•

Are Shares of Virgin Galactic ($SPCE) a Buy Under $20?

•

Ready for Liftoff? 3 Pure Play Space Stocks to Buy

•

Space Tourism Is Just a Tiny Piece of a Risky New Asset Class

Calendar 📅

• $PL Earnings: 12/13 - After Market Close• $NGCA Merger Vote: 12/28 - 9:00am EST

🚀 Planet Goes Public